Unless you plan to do an extension, there is just over a month of time remaining to file your 2017 tax return. Many of you likely fall in one of a few categories. You have already filed, are still waiting to file or waiting until next season to file while others may have had the misfortune of losing their tax refund altogether due to a debt obligation. My question to you is how do you view your refund? Is it a bonus check that you can spend however you please? Do you feel it is a repayment of money you should have received throughout the year? The answer is much like many questions pertaining to finance, it depends.
This past weekend Senate Republicans were able to pass the highly debated GOP led tax bill. Doubts hovered over the situation as many wondered how fast or if a revised tax agreement could even be reached between both parties. The trajectory of our country was completely changed just before 2 am Saturday morning after Senators voted 51-49. The 500-page bill will bring broad changes to the tax code while shifting the lives of millions of Americans. Below I highlight five of the biggest things we learned from the new tax bill.
Last Week the GOP unveiled details of their new tax reform bill. Donald Trump has promised an overhaul to the American tax system and if the 429 page “Tax Cuts and Jobs Acts” is passed, he will have delivered. The details of the bill were confusing upon it’s initial release and I’m sure there is still some confusion out there. Being a professional tax preparer I feel it is important to understand the potential impending changes and how it will affect your life going forward.